Sell-down in Dongxiang prices at mid-point

The $164 million deal comes after an 18% rally in the share price and sees a Morgan Stanley fund offload just over half of its remaining pre-IPO investment.

A block of shares in sportswear designer and retailer China Dongxiang Group, which owns the rights to the Kappa brand in China, was in the market last night and changed hands at a 6.3% discount to yesterdayÆs close for a total deal size of HK$1.28 billion $164 million. The discount was largely in line with recent Hong Kong deals, but nevertheless encouraging because it represented the mid-point of the indicated range.